Indonesia’s Pertamina invests in PH’s Citicore for $115m

This is equivalent to a 20% interest.

A unit of state-owned PT Pertamina Power Indonesia has marked its first investment in the Philippines with an agreement with the Citicore Renewable Energy Corporation (CREC) to subscribe to a 20% interest in the latter for $115m.

In a statement, CREC said Pertamina New & Renewable Energy’s (Pertamina NRE) investment is equivalent to 2,232,143,036 common shares at $0.051 apiece (PHP3 per share).

Proceeds from the agreement will support CREC’s pipeline of renewable energy projects nationwide in line with its goal of contributing approximately 1 gigawatt of green energy capacity per year as part of its 5 GW in 5 years roadmap.

AlphaPrimus served as the financial adviser to CREC for this transaction.

$1 = PHP58.69